Business Services Industry
CIGNA to sell part of TimesSquare Capital Management unit.
Knight Ridder/Tribune Business News, September, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Sep. 15--CIGNA Corp. plans to sell the growth equity business of its New York-based TimesSquare Capital Management Inc. unit to its management team and to Affiliated Managers Group Inc.
Terms of the deal, announced Tuesday, were not disclosed.
Under a definitive agreement, the business would be operated through TimesSquare Capital Management LLC, a new company. The new firm's management team would hold about a 40 percent interest in it, and Massachusetts-based Affiliated Managers would own 60 percent.
The business being sold includes growth-oriented small and mid-cap investment products, with about $5 billion of assets under management for about 90 institutional...
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